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Majority Of World Economy Weakening As US Manufacturing PMI Tumbles To 2 Year Lows

Following China's surging and tumbling Manufacturing PMIs, and mixed data in Europe, US Manufacturing PMI's fell in November to 52.8 from October's hope-strewn bounce above 54. This is the weakest PMI print since October 2013 (as ISM Manufacturing tumbled to its lowest since Dec 2012). 30 regions have reported PMIs so far with half (15) seeing weakness (and just 13 seeing improvements) as new orders plunge to lowest since Oct 2013.

Eurozone PMIs keep rising as US and China tumbles...

Charts: Bloomberg

Commenting on the final PMI data, Chris Williamson, chief economist at Markit said:

“While the pace of manufacturing growth appears to have slowed in November, it remains encouragingly resilient, which is all the more impressive once headwinds such as the strength of the dollar and malaise in overseas markets are taken into account.

“The PMI results are indicative of the manufacturing sector growing at an annualised rate of around 2% in the fourth quarter so far.

“Growth is being driven by domestic demand, with exports falling back into decline. The uncertain global picture and strong currency are key areas of worry to manufacturers, which led to a more cautious approach to hiring during the month. However, there’s nothing new that will overly concern policymakers, leaving the door open for rates to rise later in the month.”

A quick reminder of China's baffle 'em with bullshit...The official print missed expectations and heads deeper into a 4-month contraction.. but the Caixin survey surged to 5-month highs, beating expectations

Charts: Bloomberg

On the first workday of a new month, global PMI manufacturing surveys are released around the world. That gives us an early read on the state of manufacturing. As the below table shows, 30 regions have reported so far. Thirteen saw improvements in their manufacturing sectors in November, and 15 recorded a weakening. Two indices were unchanged. A reading above 50 reflects expansion, while below 50 indicates contraction. In this regard, there were 20 countries in positive territory and 10 in negative.